Watch Corzine's MF Global Testimony Live

Update: Corzine speaking now - drink a shot for every lie Corzine utters

And now the one we've all been waiting for...

As a reminder, his prepared remarks can be found here, and below is the witness sequence. The beginning will likely be boring. The main act is in the middle:

Witness Testimonies

Panel 1 The Honorable Jill Sommers, Commissioner, Commodity Futures Trading Commission, Washington, D.C. Mr. James Kobak, Lead Counsel for the Trustee for the Liquidation of MF Global Inc., New York, New York

Panel 2 The Honorable Jon Corzine, Former CEO, MF Global Inc., New York, New York

Remember folks- as long as you don't 'intend' for your daughter to get raped by your pedophile cousin Ralph when you leave them alone in a locked basement for 3 hours, you can walk away with a clear conscience.

This guy is being treated with kid gloves as one of their own. Remember when they had that "foreign" CEO from an evil oil company, on? He ate shit sandwiches courtesy of the "elected" officials for days. They will never convict one of their own!!! Just like they will always be able to do insider trading: two laws one for THEM and one for EVERYONE ELSE.

its pretty apparent squid are very slippery, it will be tough to for handcuffs to stay on this one.......... at least without a major change in the political environment he is accustomed to operating in.

as i type this, the honorable congressman king just outed goldman's incestuous and pervasive global infiltration on prime time...LOL

"Just yes or no Mr Corzine, are YOU and your fellow officers of the company going to reimburse and make whole the investors out of your considerable fortunes" ...? We are still waiting for an answer you blithering, blathering, stammering fool...WABOBS! ESADMF

Woops. Randy Neugebauer just used the word "extorted" instead of "extolled" in regard to MF Global's position as a primary dealer.

Neugebauer is known as the congressman from Cape Cod since he and his wife spend more time there than in his Texas district. He also likes to say that the mortgage crisis is the fault of the borrowers.

Corzine did the same thing to the state of new jersey ...he said he inherited debt ...so what does he do he gives the unions every thing they want and then some more ...Plus he borrowed billions ...& billion somehow go lost in the school construction fund ...he always seems to be around lost money

Corzine: "I am shocked, shocked to find that gambling was going on in there!"

A strong contender for Time's "Kleptocrat of the Year" award. Oops, I forgot that Time (along with all of the other news outlets) is controlled by the bankers and doesn't have a "Kleptocrat of the Year" award.

I have nothing much good to say about the people, including Corzine, who are apprearing today, but the pomposity of the asshole Congressmen asking the questions )and making their personal statements) is beyond belief.

Like we've said here at ZH many times, when you write laws (or infer the laws won't be enforced) which allow people to steal, why is anyone surprised when stealing ensues?

Congress has allowed these people to do what they have done. The executive branch has allowed it. Making a spectacle out of a disaster like this is a good fucking show, but that's all it is, a show.

Why isn't JP Morgan London being asked where the money is? They know for God's sake. They're sitting around drinking 18 year old scotch having a big old laugh while they watch today.

"As the CEO, I take full responsibility. Period. I was greedy and reckless. I will surrender my personal fortune to help fund a restitution account. I will name every co-conspirator in this crime. I ask for no mercy."

So we can give Bill Clintons consulting firm a reccomendation for that 5 months of work they did? It is amazing how he just gets better and better. I need Intrade like exchange to start a trade for Hillary as the next supreme court justice so I can make some real money. Are you listening Jon? you still have much to give!

The MF Global money molestors transferred money from segregated accounts to their brokers, while MF was being audited !

Someone's going to prison for a long time over that one. What's taking the feds so long to figure out who dunnit?

Here's a thought, the next time the SEC/CFTC/FDIC/FCM etc....shows up for an audit, bring an FBI unit with a packet sniffer at the wan/lan point logging every transaction that happens during the official act. You'll find all sorts of illegal crap going on from insider trading to flat out stealing and hiding money, and emails being sent frantically providing more evidence, and more leads. It's like flipping on the lights of a roach infested hotel.

What Corzine wants: To be liked, to keep his ill-gotten gains, to not go down criminally like all the other rogue CEOs, to be held in esteem by his former colleges, publicly, even if deep down and privately they regard him as low life scum.

So his lawyer put it to him straight with this risky legal strategy; be nice, smile a lot, fake it til you make it, admit some blame while not accepting wholesale culpability. The other senators will publicly treat you as former colleges generally are--as an esteemed former senator, while probably regarding you privately as low life scum.

Odds he beats the rap instead of joing Madoff and Dennis Kozlowski in club fed. If he avoids criminal charges he wins.